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Australia’s inflation slows, adding to rate cut chance

Australia’s inflation slowed in April, giving the Reserve Bank yet more reason to cut interest rates when it meets on Tuesday to decide on borrowing costs.

The TD Securities – Melbourne Institute monthly inflation gauge increased by 0.3 percent in April, following a 0.5 percent rise in March, as prices on travel, clothing and footwear fell in the month.

"The first taste of inflation for the June quarter is sending mixed messages, with relatively healthy monthly growth rates for prices, but annual inflation remains comfortably benign," said head of Asia-Pacific research at TD Securities said Annette Beacher.